Winthrop Realty Liquidating Trust 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	FUR
Entity Registrant Name	Winthrop Realty Trust
Entity Central Index Key	37,008
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		36,425,084

Consolidated Statement of Net A

Consolidated Statement of Net Assets Liquidation Basis - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
LIABILITIES
Net assets in liquidation	$ 512,699	$ 516,396
Liquidation Value [Member]
ASSETS
Investments in real estate	348,770	353,862
Equity investments	330,334	327,738
Cash and cash equivalents	18,103	21,128
Restricted cash held in escrows	7,487	6,603
Loans receivable	5,271	5,280
Secured financing receivable	29,320	28,928
Accounts receivable	837	2,090
TOTAL ASSETS	740,122	745,629
LIABILITIES
Mortgage loans payable	171,753	172,095
Liability for non-controlling interests	18,142	17,796
Liability for estimated costs in excess of estimated receipts during liquidation	28,417	29,297
Dividends payable	1,822	1,822
Accounts payable, accrued liabilities and other liabilities	5,717	6,382
Related party fees payable	1,572	1,841
TOTAL LIABILITIES	$ 227,423	$ 229,233
COMMITMENTS AND CONTINGENCIES
Net assets in liquidation	$ 512,699	$ 516,396

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets Liquidation Basis - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net assets in liquidation, beginning of period	$ 516,396	$ 594,704
Changes in net assets in liquidation
Change in liquidation value of investments in real estate	(7,592)	3,975
Change in liquidation value of loan securities		(918)
Change in liquidation value of equity investments	1,775	2,733
Remeasurement of assets and liabilities	2,544	(3,724)
Remeasurement of non-controlling interests	(424)	400
Changes in net assets in liquidation	(3,697)	2,466
Net assets in liquidation, end of period	$ 512,699	$ 597,170

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Winthrop Realty Trust (“Winthrop”), a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code, is an unincorporated association in the form of a business trust organized in Ohio under a Declaration of Trust dated August 1, 1961, as amended and restated on May 21, 2009, which has as its stated principal business activity the ownership and management of, and lending to, real estate and related investments. Winthrop conducts its business through WRT Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Winthrop is the sole general partner of, and owns directly and indirectly, 100% of the limited partnership interest in the Operating Partnership. All references to the “Trust” refer to Winthrop and its consolidated subsidiaries, including the Operating Partnership. On April 28, 2014 the Trust’s Board of Trustees (the “Board”) adopted a plan of liquidation which was subject to approval by the holders of a majority of the Trust’s common shares of beneficial interest (“Common Shares”). The plan was approved at a special meeting of shareholders on August 5, 2014 and the Trust adopted the liquidation basis of accounting as of August 1, 2014. Prior to the plan of liquidation, the Trust was engaged in the business of owning real property and real estate related assets which it categorized into three segments: (i) ownership of investment properties including wholly owned properties and investments in joint ventures which own investment properties (“operating properties”); (ii) origination and acquisition of loans collateralized directly or indirectly by commercial and multi-family real property, (collectively “loan assets”); and (iii) equity and debt interests in other real estate investment trusts (“REIT securities”). Subsequent to the adoption of the plan of liquidation discussed below, the Trust no longer makes operating decisions or assesses performance in separate segments. Accordingly, the Trust has only one reporting and operating segment subsequent to July 31, 2014.

Plan of Liquidation

Plan of Liquidation	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Plan of Liquidation	2. Plan of Liquidation The plan of liquidation provides for an orderly sale of the Trust’s assets, payment of the Trust’s liabilities and other obligations and the winding up of operations and dissolution of the Trust. The Trust is not permitted to make any new investments other than protective acquisitions or advances with respect to the Trust’s existing assets. The Trust is permitted to satisfy any existing contractual obligations including any capital call requirements and acquisitions or dispositions pursuant to buy-sell provisions under existing joint venture documentation, pay for required tenant improvements and capital expenditures at its real estate properties, and repurchase its existing Common Shares. The Trust is also permitted to invest its cash reserves in short-term U.S. Treasuries or other short-term obligations. The plan of liquidation enables the Trust to sell any and all of its assets without further approval of the shareholders and provides that liquidating distributions be made to the shareholders as determined by the Board. Pursuant to applicable REIT rules, in order to be able to deduct liquidating distributions as dividends, the Trust must complete the disposition of its assets by August 5, 2016, two years after the date the plan of liquidation was adopted by shareholders. As management currently expects that all of the Trust’s assets will not be sold by such date, the Trust intends to satisfy this requirement by distributing its unsold assets into a liquidating trust at the end of such two-year period, and the holders of interests in the Trust at such time will be beneficiaries of such liquidating trust. Holders of the Trust’s Common Shares should note that unlike Common Shares, which are freely transferable, beneficial interests in the liquidating trust will generally not be transferable except by will, intestate succession or operation of law. Therefore, the recipients of the interests in the liquidating trust will not have the ability to realize any value from these interests except from distributions made by the liquidating trust, the timing of which will be solely in the discretion of the liquidating trust’s trustees. The dissolution process and the amount and timing of distributions to shareholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will ultimately be distributed to shareholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statements of Net Assets. The Trust expects to continue to qualify as a REIT throughout the liquidation until such time as any remaining assets, if any, are transferred into a liquidating trust. The Board shall use commercially reasonable efforts to continue to cause the Trust to maintain its REIT status, provided however, the Board may elect to terminate the Trust’s status as a REIT if it determines that such termination would be in the best interest of the shareholders.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated interim financial statements represent the consolidated results of Winthrop, its wholly-owned taxable REIT subsidiary, WRT-TRS Management Corp., the Operating Partnership and all consolidated subsidiaries as discussed below under Liquidation Basis of Accounting. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to make the accompanying unaudited consolidated interim financial statements not misleading. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated annual financial statements and the notes thereto included in Winthrop’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC. In the opinion of management, all adjustments considered necessary for fair statements have been included, and all such adjustments were of a normal recurring nature. The results of operations for the interim periods were not necessarily indicative of the operating results for the full year. Liquidation Basis of Accounting As a result of the approval of the plan of liquidation by the shareholders, the Trust was required to adopt the liquidation basis of accounting as of August 1, 2014 and for the periods subsequent to August 1, 2014 in accordance with GAAP. Accordingly, on August 1, 2014 assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Trust will collect on disposal of assets as it carries out its plan of liquidation. The liquidation value of the Trust’s operating properties and loan assets are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Trust accrues costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of March 31, 2016 are included in accounts payable, accrued liabilities and other liabilities on the Consolidated Statements of Net Assets. In liquidation, the presentation for joint ventures historically consolidated under going concern accounting is determined based on the Trust’s planned exit strategy. Those ventures where the Trust intends to sell the property are presented on a gross basis with a payable to the non-controlling interest holder. Those ventures where the Trust intends to sell its interest in the venture, rather than the property, are presented on a net basis and are included in equity investments on the Consolidated Statements of Net Assets. Amounts due to non-controlling interests in connection with the disposition of consolidated joint ventures have been accrued and are recorded as liability for non-controlling interests. Net assets in liquidation represents the estimated liquidation value available to holders of Common Shares upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the values of assets and liabilities, disclosing contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses during the reporting period. Under liquidation accounting, the Trust is required to estimate all costs and income that it expects to incur and earn through the end of liquidation including the estimated amount of cash it will collect on disposal of its assets and estimated costs incurred to dispose of assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations.

Liability for Estimated Costs i

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	4. Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation The liquidation basis of accounting requires the Trust to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Trust currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. The change in the liability for estimated costs in excess of estimated receipts during liquidation from December 31, 2015 through March 31, 2016 is as follows (in thousands): Remeasurement Cash Payments of Assets and December 31, 2015 (Receipts) Liabilities March 31, 2016 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 10,523 $ (3,561 ) $ 768 $ 7,730 Liabilities: Sales costs (5,986 ) — 241 (5,745 ) Corporate expenditures (33,834 ) 1,897 1,535 (30,402 ) (39,820 ) 1,897 1,776 (36,147 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (29,297 ) $ (1,664 ) $ 2,544 $ (28,417 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation from December 31, 2014 to March 31, 2015 is as follows (in thousands): Remeasurement Cash Payments of Assets and December 31, 2014 (Receipts) Liabilities March 31, 2015 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 25,169 $ (3,939 ) $ (2,792 ) $ 18,438 Liabilities: Sales costs (11,840 ) — (92 ) (11,932 ) Corporate expenditures (44,582 ) 3,525 (840 ) (41,897 ) (56,422 ) 3,525 (932 ) (53,829 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (31,253 ) $ (414 ) $ (3,724 ) $ (35,391 )

Net Assets in Liquidation

Net Assets in Liquidation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Assets in Liquidation	5. Net Assets in Liquidation Net assets in liquidation decreased by $3,697,000 during the three months ended March 31, 2016. The primary reason for the decrease in net assets was due to a $7,592,000 net decrease in investments in real estate and a $424,000 net increase in the estimated liability for non-controlling interests. These decreases were partially offset by a $2,544,000 net increase in estimated receipts resulting primarily from changes in the expected holding periods of certain assets and a $1,775,000 net increase in the liquidation value of equity investments. Net assets in liquidation increased by $2,466,000 during the three months ended March 31, 2015. The primary reason for the increase in net assets was due to a $3,975,000 increase in investments in real estate and a net increase of $2,733,000 in the liquidation value of equity investments. These increases were offset by a $2,792,000 decrease in estimated receipts resulting primarily from changes in the expected holding periods of certain assets and a $918,000 decrease in the value of the Trust’s loan securities resulting from a new appraisal of the asset underlying the security. There were 36,425,084 Common Shares outstanding at March 31, 2016 and December 31, 2015. The net assets in liquidation at March 31, 2016 would result in liquidating distributions of approximately $14.08 per Common Share. The net assets in liquidation as of March 31, 2016 and December 31, 2015 of $512,699,000 and $516,396,000 respectively, plus the cumulative liquidating distributions to holders of Common Shares since the approval of the plan of liquidation through March 31, 2016 and December 31, 2015 of $163,915,000 ($4.50 per common share) would result in cumulative liquidating distributions to holders of Common Shares of $18.58 and $18.68 per Common Share as of March 31, 2016 and December 31, 2015, respectively. This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections, and they could change materially based on the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of the projected cash flows.

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Loans Receivable	6. Loans Receivable The Trust’s loans receivable at March 31, 2016 and December 31, 2015 are as follows (in thousands): Carrying Amount (1) Contractual Description Loan Position Stated March 31, December 31, Rockwell Mezzanine 12.0% $ — $ — 05/01/16 Churchill Whole Loan LIBOR + 3.75% — — 08/01/16 Poipu Shopping Village B-Note 6.62% 2,760 2,769 01/06/17 Mentor Building Whole Loan 10.0% 2,511 2,511 09/10/17 $ 5,271 $ 5,280 (1) The carrying amount represents the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable. The carrying amount of loans receivable includes accrued interest of $28,000 at March 31, 2016 and December 31, 2015. The weighted average coupon as calculated on the par value of the Trust’s loans receivable was 7.99% and 7.97% at March 31, 2016 and December 31, 2015, respectively, and the weighted average yield to maturity as calculated on the carrying value of the Trust’s loans receivable was 13.54% and 13.54% at March 31, 2016 and December 31, 2015, respectively. Loan Receivable Activity Activity related to loans receivable is as follows (in thousands): Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Balance at beginning of period $ 5,280 $ 24,005 Interest (received) accrued, net — (189 ) Repayments (9 ) (15,352 ) Balance at end of period $ 5,271 $ 8,464 Secured Financing Receivable In August 2013 the Trust closed on an agreement to acquire its venture partner’s (“Elad”) 50% interest in the mezzanine lender with respect to the One South State Street, Chicago, Illinois property (“Lender LP”) for $30,000,000. In connection with the transaction, the Trust entered into an option agreement with Elad granting Elad the right, but not obligation, to repurchase the interest in the venture. The option agreement provided Elad, as the transferor, the option to unilaterally cause the return of the asset at the earlier of two years from and after August 21, 2013 or an event of default on Lender LP’s mezzanine debt. As such, Elad was able to retain control of its interest in Lender LP for financial reporting purposes as the exercise of the option was unconditional other than for the passage of time. As a result, for financial reporting purposes, the transfer of the financial asset was accounted for as a secured financing rather than an acquisition. On April 27, 2016 the Trust sold its interest in the secured financing receivable. See Note 7 – “Equity Investments” for further details on the sale.

Equity Investments

Equity Investments	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	7. Equity Investments Under liquidation accounting, equity investments are carried at net realizable value. The Trust’s nominal ownership percentages in its equity investments consist of the following at March 31, 2016 and December 31, 2015: Venture Partner Equity Investment Nominal % Ownership Nominal % Ownership Elad Canada Ltd (1) WRT One South State 50.0 % 50.0 % Lender LP Elad Canada Ltd (1) WRT-Elad One South State 50.0 % 50.0 % Equity LP Atrium Holding RE CDO Management LLC 50.0 % 50.0 % Freed Mentor Retail LLC 49.9 % 49.9 % Inland Concord Debt Holdings LLC 66.6 % 66.6 % Inland CDH CDO LLC 49.6 % 49.6 % Marc Realty Atrium Mall LLC 50.0 % 50.0 % New Valley/Witkoff (2) 701 Seventh WRT Investor LLC 81.0 % 81.0 % RS Summit Pointe (3) RS Summit Pointe Apartments LLC 80.0 % 80.0 % Serure/CB High Line (4) 446 Highline LLC 84.99 % 83.6 % (1) The Trust sold its interest in this venture on April 27, 2016. (2) The Trust’s investment in this venture provides the Trust with a 61.14% effective ownership interest in the underlying property. (3) The investment was previously consolidated under going concern accounting. See Note 3 “Liquidation Basis of Accounting” for further discussion. (4) The investment was reclassified as an equity investment as of December 31, 2015 due to a change in exit strategy. The investment was included in investments in real estate in previous filings. The nominal ownership percentage is based on the waterfall provision of the partnership. See Note 3 “Liquidation Basis of Accounting” for further discussion. 701 Seventh Avenue – Sullivan Center On April 27, 2016 the Trust sold its interests in WRT One South State Lender LP and WRT-Elad One South State Equity LP to its venture partner for aggregate gross proceeds of $95,270,000. The sale of its interest in WRT One South State Lender LP includes the ownership interest in the mezzanine loan that was classified as a secured financing for financial reporting purposes.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	8. Debt Mortgage Loans Payable Mortgage loans payable are carried at their contractual amounts due under liquidation accounting. The Trust had outstanding mortgage loans payable of $171,753,000 and $172,095,000 at March 31, 2016 and December 31, 2015, respectively. The mortgage loan payments of principal and interest are generally due monthly, quarterly or semi-annually and are collateralized by applicable real estate of the Trust. The Trust’s mortgage loans payable at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands): Location of Collateral Maturity Spread Over Interest Rate at March 31, December 31, Chicago, IL (2) Jun 2016 — 5.75 % $ 19,073 $ 19,104 Greensboro, NC Aug 2016 — 6.22 % 13,600 13,600 Lisle, IL Oct 2016 Libor + 2.5% 2.94 % 5,421 5,459 Stamford, CT (3) Oct 2016 Libor + 2.0% (4) 2.69 % 33,448 33,448 Houston, TX (3) Oct 2016 Libor + 2.0% (4) 2.69 % 44,319 44,319 Lisle, IL Mar 2017 — 5.55 % 5,288 5,309 Orlando, FL Jul 2017 — 6.40 % 35,489 35,668 Plantation, FL Apr 2018 — 6.48 % 10,368 10,406 Churchill, PA Aug 2024 — 3.50 % 4,747 4,782 $ 171,753 $ 172,095 (1) The one-month LIBOR rate at March 31, 2016 was 0.43725%. The one-month LIBOR rate at December 31, 2015 was 0.4295%. (2) The loan was repaid in full on April 28, 2016. (3) These properties are cross-collateralized. Proceeds from property sales go 100% to repay the mortgage loan. (4) The loan has an interest rate swap which effectively fixes LIBOR at 0.69%.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies In addition to the initial purchase price of certain loans and operating properties, the Trust has future funding commitments attributable to its 701 Seventh Avenue investment which total approximately $4,314,000 at March 31, 2016 with the option to fund its pro-rata share of additional capital calls in excess of the Trust’s $125,000,000 commitment. The Trust’s venture which owns the property located at 450 West 14 th The Trust is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase or sell properties. Given the nature of the Trust’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Trust does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on its financial condition or results of operations. Churchill, Pennsylvania -

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related-Party Transactions	10. Related-Party Transactions FUR Advisors - Base Asset Management Fee - In connection with the adoption of the plan of liquidation, the Trust accrues costs it expects to incur through the end of the liquidation. In this regard, at March 31, 2016 the Trust has accrued, based on its estimates of the timing and amounts of liquidating distributions to be paid to Common Shareholders, base management fees of $5,632,000, exclusive of the $1,420,000 included in related party fees payable. The amount is included in liabilities for estimated costs in excess of estimated receipts during liquidation. Actual fees incurred may differ significantly from these estimates due to inherent uncertainty in estimating future events. Incentive Fee / Termination Fee - With respect to the termination fee, it is only payable if there is (i) a termination of the Advisory Agreement for any reason other than for cause (as defined) by the Trust or with cause by the Trust’s Advisor, (ii) a disposition of all or substantially all of the Trust’s assets, or (iii) an election by the Trust to orderly liquidate the Trust’s assets. The termination fee, if payable, is equal to the lesser of (i) the base management fee paid to the Trust’s Advisor for the prior twelve month period or (ii) either (x) in the case of a termination of the Advisory Agreement, 20% of the positive difference, if any between (A) the appraised net asset value of the Trust’s assets at the date of termination and (B) the threshold amount less $104,980,000, or (y) in the case of a disposition or liquidation, 20% of any dividends paid on account of the Trust’s Common Shares at such time as the threshold amount is reduced to $104,980,000, which will be achieved at such time as aggregate distributions of approximately $9.13 per Common Share in excess of the Growth Factor have been paid. For example, if the Trust had been liquidated at March 31, 2016, the termination fee would only have been payable if total dividends of approximately $9.13 per Common Share had been paid, and then only until the total termination fee paid would have equaled $9,496,000 (the base management fee for the twelve months prior to the approved plan of liquidation), which amount would be achieved when total dividends paid per Common Share equaled approximately $10.18. At March 31, 2016 it is estimated that the Advisor will be entitled to a termination fee of $9,496,000 in connection with the liquidation. This amount has been accrued and is included in liabilities for estimated costs in excess of estimated receipts during liquidation. Property Management and Construction Management - The following table sets forth the fees and reimbursements paid by the Trust for the three ended March 31, 2016 and 2015 to FUR Advisors and Winthrop Management (in thousands): For the Three Months Ended March 31, 2016 March 31, 2015 Base Asset Management Fee (1) $ 1,420 $ 1,684 Property Management Fee 184 284 Construction Management Fee — 31 $ 1,604 $ 1,999 (1) Includes fees on third party contributions of $7 and $7 for the three months ended March 31, 2016 and 2015, respectively. At March 31, 2016 $1,420,000 payable to FUR Advisors and $152,000 payable to Winthrop Management were included in related party fees payable.

Restricted Share Grants

Restricted Share Grants	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Share Grants	11. Restricted Share Grants On February 1, 2013 the Board approved the issuance of 600,000 shares of Restricted Common Shares (“Restricted Shares”) to the Trust’s Advisor, 500,000 of which were subject to the approval of the shareholders to the increase in the number of shares issuable under the Trust’s 2007 Stock Option Plan (the “2007 Plan”). The initial 100,000 Restricted Shares were issued on February 28, 2013. At the May 21, 2013 annual shareholders meeting the increase in shares issuable under the 2007 Plan from 100,000 to 1,000,000 was approved by the requisite number of shareholders and the remaining 500,000 shares were issued on May 28, 2013. The Restricted Shares are subject to forfeiture through May 5, 2016 (the “Forfeiture Period”). Except in limited circumstances, if the holder of the Restricted Shares does not remain in continuous employment with FUR Advisors or its affiliate through the Forfeiture Period, all of their rights to the Restricted Shares and the associated dividends held in escrow will be forfeited. Dividends will be paid on the issued Restricted Shares in conjunction with dividends on Common Shares not issued under the 2007 Plan. However, the recipients of the Restricted Shares will only receive dividends as if the shares vested quarterly over the Forfeiture Period, with the remaining dividends to be placed into escrow and paid to the holders at the expiration of the Forfeiture Period. In connection with the adoption of the plan of liquidation, the Trust’s compensation committee authorized amendments to the grant agreements to provide for an early expiration of the Forfeiture Period which now expires on May 5, 2016 and the reissuance of forfeited shares. In this regard, 10,000 Restricted Shares, which had previously been forfeited, were issued on September 5, 2014. Additionally, the Trust’s compensation committee agreed to fully vest 8,750 Restricted Shares held by non-executive officers whose employment was terminated in connection with the plan of liquidation. As a result, there were 591,250 Restricted Shares issued and outstanding at March 31, 2016.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events 446 Highline LLC (450 West 14 th Declaration of dividend - Trustee Compensation

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated interim financial statements represent the consolidated results of Winthrop, its wholly-owned taxable REIT subsidiary, WRT-TRS Management Corp., the Operating Partnership and all consolidated subsidiaries as discussed below under Liquidation Basis of Accounting. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to make the accompanying unaudited consolidated interim financial statements not misleading. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated annual financial statements and the notes thereto included in Winthrop’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC. In the opinion of management, all adjustments considered necessary for fair statements have been included, and all such adjustments were of a normal recurring nature. The results of operations for the interim periods were not necessarily indicative of the operating results for the full year.
Liquidation Basis of Accounting	Liquidation Basis of Accounting As a result of the approval of the plan of liquidation by the shareholders, the Trust was required to adopt the liquidation basis of accounting as of August 1, 2014 and for the periods subsequent to August 1, 2014 in accordance with GAAP. Accordingly, on August 1, 2014 assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Trust will collect on disposal of assets as it carries out its plan of liquidation. The liquidation value of the Trust’s operating properties and loan assets are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Trust accrues costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of March 31, 2016 are included in accounts payable, accrued liabilities and other liabilities on the Consolidated Statements of Net Assets. In liquidation, the presentation for joint ventures historically consolidated under going concern accounting is determined based on the Trust’s planned exit strategy. Those ventures where the Trust intends to sell the property are presented on a gross basis with a payable to the non-controlling interest holder. Those ventures where the Trust intends to sell its interest in the venture, rather than the property, are presented on a net basis and are included in equity investments on the Consolidated Statements of Net Assets. Amounts due to non-controlling interests in connection with the disposition of consolidated joint ventures have been accrued and are recorded as liability for non-controlling interests. Net assets in liquidation represents the estimated liquidation value available to holders of Common Shares upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the values of assets and liabilities, disclosing contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses during the reporting period. Under liquidation accounting, the Trust is required to estimate all costs and income that it expects to incur and earn through the end of liquidation including the estimated amount of cash it will collect on disposal of its assets and estimated costs incurred to dispose of assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations.

Liability for Estimated Costs17

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	The change in the liability for estimated costs in excess of estimated receipts during liquidation from December 31, 2015 through March 31, 2016 is as follows (in thousands): Remeasurement Cash Payments of Assets and December 31, 2015 (Receipts) Liabilities March 31, 2016 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 10,523 $ (3,561 ) $ 768 $ 7,730 Liabilities: Sales costs (5,986 ) — 241 (5,745 ) Corporate expenditures (33,834 ) 1,897 1,535 (30,402 ) (39,820 ) 1,897 1,776 (36,147 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (29,297 ) $ (1,664 ) $ 2,544 $ (28,417 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation from December 31, 2014 to March 31, 2015 is as follows (in thousands): Remeasurement Cash Payments of Assets and December 31, 2014 (Receipts) Liabilities March 31, 2015 Assets: Estimated net inflows from investments in real estate, loans receivable and secured financing receivable $ 25,169 $ (3,939 ) $ (2,792 ) $ 18,438 Liabilities: Sales costs (11,840 ) — (92 ) (11,932 ) Corporate expenditures (44,582 ) 3,525 (840 ) (41,897 ) (56,422 ) 3,525 (932 ) (53,829 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (31,253 ) $ (414 ) $ (3,724 ) $ (35,391 )

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Summary of Trust's Loans Receivable	The Trust’s loans receivable at March 31, 2016 and December 31, 2015 are as follows (in thousands): Carrying Amount (1) Contractual Description Loan Position Stated March 31, December 31, Rockwell Mezzanine 12.0% $ — $ — 05/01/16 Churchill Whole Loan LIBOR + 3.75% — — 08/01/16 Poipu Shopping Village B-Note 6.62% 2,760 2,769 01/06/17 Mentor Building Whole Loan 10.0% 2,511 2,511 09/10/17 $ 5,271 $ 5,280 (1) The carrying amount represents the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable.
Activity Related to Loans Receivable	Activity related to loans receivable is as follows (in thousands): Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Balance at beginning of period $ 5,280 $ 24,005 Interest (received) accrued, net — (189 ) Repayments (9 ) (15,352 ) Balance at end of period $ 5,271 $ 8,464

Equity Investments (Tables)

Equity Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Trust's Nominal Ownership Percentages in its Equity Investments	The Trust’s nominal ownership percentages in its equity investments consist of the following at March 31, 2016 and December 31, 2015: Venture Partner Equity Investment Nominal % Ownership Nominal % Ownership Elad Canada Ltd (1) WRT One South State 50.0 % 50.0 % Lender LP Elad Canada Ltd (1) WRT-Elad One South State 50.0 % 50.0 % Equity LP Atrium Holding RE CDO Management LLC 50.0 % 50.0 % Freed Mentor Retail LLC 49.9 % 49.9 % Inland Concord Debt Holdings LLC 66.6 % 66.6 % Inland CDH CDO LLC 49.6 % 49.6 % Marc Realty Atrium Mall LLC 50.0 % 50.0 % New Valley/Witkoff (2) 701 Seventh WRT Investor LLC 81.0 % 81.0 % RS Summit Pointe (3) RS Summit Pointe Apartments LLC 80.0 % 80.0 % Serure/CB High Line (4) 446 Highline LLC 84.99 % 83.6 % (1) The Trust sold its interest in this venture on April 27, 2016. (2) The Trust’s investment in this venture provides the Trust with a 61.14% effective ownership interest in the underlying property. (3) The investment was previously consolidated under going concern accounting. See Note 3 “Liquidation Basis of Accounting” for further discussion. (4) The investment was reclassified as an equity investment as of December 31, 2015 due to a change in exit strategy. The investment was included in investments in real estate in previous filings. The nominal ownership percentage is based on the waterfall provision of the partnership. See Note 3 “Liquidation Basis of Accounting” for further discussion.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Mortgage Loans Payable	The Trust’s mortgage loans payable at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands): Location of Collateral Maturity Spread Over Interest Rate at March 31, December 31, Chicago, IL (2) Jun 2016 — 5.75 % $ 19,073 $ 19,104 Greensboro, NC Aug 2016 — 6.22 % 13,600 13,600 Lisle, IL Oct 2016 Libor + 2.5% 2.94 % 5,421 5,459 Stamford, CT (3) Oct 2016 Libor + 2.0% (4) 2.69 % 33,448 33,448 Houston, TX (3) Oct 2016 Libor + 2.0% (4) 2.69 % 44,319 44,319 Lisle, IL Mar 2017 — 5.55 % 5,288 5,309 Orlando, FL Jul 2017 — 6.40 % 35,489 35,668 Plantation, FL Apr 2018 — 6.48 % 10,368 10,406 Churchill, PA Aug 2024 — 3.50 % 4,747 4,782 $ 171,753 $ 172,095 (1) The one-month LIBOR rate at March 31, 2016 was 0.43725%. The one-month LIBOR rate at December 31, 2015 was 0.4295%. (2) The loan was repaid in full on April 28, 2016. (3) These properties are cross-collateralized. Proceeds from property sales go 100% to repay the mortgage loan. (4) The loan has an interest rate swap which effectively fixes LIBOR at 0.69%.

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Fees and Reimbursements Paid by the Trust	The following table sets forth the fees and reimbursements paid by the Trust for the three ended March 31, 2016 and 2015 to FUR Advisors and Winthrop Management (in thousands): For the Three Months Ended March 31, 2016 March 31, 2015 Base Asset Management Fee (1) $ 1,420 $ 1,684 Property Management Fee 184 284 Construction Management Fee — 31 $ 1,604 $ 1,999 (1) Includes fees on third party contributions of $7 and $7 for the three months ended March 31, 2016 and 2015, respectively.

Organization - Additional Infor

Organization - Additional Information (Detail) - Segment	3 Months Ended	7 Months Ended	20 Months Ended
	Mar. 31, 2016	Jul. 31, 2014	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percentage of limited partnership interest in Operating Partnership	100.00%
Number of operating segments		3	1
Number of reportable segments			1

Plan of Liquidation - Additiona

Plan of Liquidation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
Business Acquisition [Line Items]
Liquidation date on which disposition of assets completes	Dec. 31, 2015
Liquidation Value [Member]
Business Acquisition [Line Items]
Liquidation date on which disposition of assets completes	Aug. 5, 2016

Liability for Estimated Costs24

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Remeasurement of Assets and Liabilities	$ (2,544)	$ 3,724
Liquidation Value [Member]
Business Acquisition [Line Items]
Total liability for estimated costs in excess of estimated receipts during liquidation, beginning balance	(29,297)	(31,253)
Cash Payments (Receipts)	1,664	(414)
Remeasurement of Assets and Liabilities	(2,544)	(3,724)
Total liability for estimated costs in excess of estimated receipts during liquidation, ending balance	(28,417)	(35,391)
Liquidation Value [Member] | Assets [Member]
Business Acquisition [Line Items]
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable, beginning balance	10,523	25,169
Cash Payments (Receipts)	3,561	(3,939)
Remeasurement of Assets and Liabilities	(768)	(2,792)
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable, ending balance	7,730	18,438
Liability [Member] | Liquidation Value [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(39,820)	(56,422)
Cash Payments (Receipts)	1,897	3,525
Remeasurement of Assets and Liabilities	1,776	(932)
Total liability for estimated costs, ending balance	(36,147)	(53,829)
Liability [Member] | Liquidation Value [Member] | Sales Costs [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(5,986)	(11,840)
Remeasurement of Assets and Liabilities	241	(92)
Total liability for estimated costs, ending balance	(5,745)	(11,932)
Liability [Member] | Liquidation Value [Member] | Corporate Expenditures [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(33,834)	(44,582)
Cash Payments (Receipts)	1,897	3,525
Remeasurement of Assets and Liabilities	1,535	(840)
Total liability for estimated costs, ending balance	$ (30,402)	$ (41,897)

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Reorganizations [Abstract]
Increase (Decrease) in net assets on liquidation	$ (3,697,000)	$ 2,466,000
Change in liquidation value of investments in real estate	(7,592,000)	3,975,000
Change in estimated liability for non-controlling interests	424,000	(400,000)
Decrease in estimated receipts during liquidation	2,544,000	(2,792,000)
Change in liquidation value of equity investments	$ 1,775,000	2,733,000
Loan securities		918,000
Liquidation distribution per share	$ 14.08
Liquidation date, expected completion	Dec. 31, 2015
Net assets in liquidation	$ 512,699,000	$ 597,170,000	$ 516,396,000	$ 594,704,000
Additional cumulative liquidating distributions to holders of Common Shares	$ 163,915,000		$ 163,915,000
Additional cumulative liquidating distribution per share	$ 4.50		$ 4.50
Cumulative liquidating distribution per share	$ 18.58		$ 18.68
Common shares, outstanding	36,425,084		36,425,084

Loans Receivable - Summary of T

Loans Receivable - Summary of Trust's Loans Receivable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 5,271	$ 5,280	$ 8,464	$ 24,005
Rockwell [Member] | Mezzanine [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	12
Interest rate on mortgage loans	12.00%
Contractual Maturity Date	May 1, 2016
Churchill [Member] | Whole Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	LIBOR + 3.75%
Interest rate on mortgage loans	3.75%
Contractual Maturity Date	Aug. 1, 2016
Poipu Shopping Village [Member] | B Note [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	6.62
Interest rate on mortgage loans	6.62%
Loans receivable, net	$ 2,760	2,769
Contractual Maturity Date	Jan. 6, 2017
Mentor Building [Member] | Whole Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Stated Interest Rate, Variable Rate Basis	10
Interest rate on mortgage loans	10.00%
Loans receivable, net	$ 2,511	$ 2,511
Contractual Maturity Date	Sep. 10, 2017

Loans Receivable - Additional I

Loans Receivable - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Aug. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, accrued interest	$ 28,000	$ 28,000
Weighted average coupon rate on loans receivable	7.99%	7.97%
Weighted average yield to maturity	13.54%	13.54%
Period for the return of assets	2 years
Lender LP [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured financing receivable			$ 30,000,000
Elad Canada Ltd [Member] | Lender LP [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate of interest for acquisition			50.00%

Loans Receivable - Activity Rel

Loans Receivable - Activity Related to Loans Receivable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Receivables [Abstract]
Balance at beginning of period	$ 5,280	$ 24,005
Interest (received) accrued, net		(189)
Repayments	(9)	(15,352)
Balance at end of period	$ 5,271	$ 8,464

Equity Investments - Trust's No

Equity Investments - Trust's Nominal Ownership Percentages in its Equity Investments (Detail)	Mar. 31, 2016	Dec. 31, 2015
WRT One South State Lender LP [Member] | Elad Canada Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	50.00%	50.00%
WRT-Elad One South State Equity LP [Member] | Elad Canada Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	50.00%	50.00%
RE CDO Management LLC [Member] | Atrium Holding [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	50.00%	50.00%
Mentor Retail LLC [Member] | Freed [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	49.90%	49.90%
Concord Debt Holdings LLC [Member] | Inland [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	66.60%	66.60%
CDH CDO LLC [Member] | Inland [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	49.60%	49.60%
Atrium Mall LLC [Member] | Marc Realty [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	50.00%	50.00%
701 Seventh WRT Investor LLC [Member] | New Valley/Witkoff [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	81.00%	81.00%
RS Summit Pointe [Member] | RS Summit Pointe Apartments LLC [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	80.00%	80.00%
446 High Line LLC [Member] | Serure CB High Line [Member]
Schedule of Equity Method Investments [Line Items]
Nominal % Ownership	84.99%	83.60%

Equity Investments - Trust's 30

Equity Investments - Trust's Nominal Ownership Percentages in its Equity Investments (Parenthetical) (Detail)	Mar. 31, 2016
701 Seventh WRT Investor LLC [Member] | New Valley/Witkoff [Member]
Schedule of Equity Method Investments [Line Items]
Effective ownership interest of trust in underlying property	61.14%

Equity Investments - Additional

Equity Investments - Additional Information (Detail) - USD ($)	Apr. 27, 2016	Jun. 30, 2016	Mar. 31, 2016
701 Seventh WRT Investor LLC [Member]
Schedule of Equity Method Investments [Line Items]
Additional capital contributions			$ 5,197,000
Capital contributions			$ 120,686,000
701 Seventh WRT Investor LLC [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Additional capital contributions		$ 1,345,000
Capital contributions		$ 125,000,000
Sullivan Center, Chicago [Member] | Chicago, IL [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of funded loan for retail tenant improvements and capital expenditure			100.00%
Percentage of funded loan needed for office tenant improvements and capital expenditure			80.00%
Fund received for tenant improvements			$ 2,794,000
Accrued interest rate on loan funded			15.00%
WRT One South State Lender LP and WRT Elad One South State Equity LP [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Gross proceeds from sale of equity investments	$ 95,270,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage loans payable	$ 171,753	$ 172,095

Debt - Mortgage Loans Payable (

Debt - Mortgage Loans Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgage loans payable	$ 171,753	$ 172,095
Mortgage Loans Payable [Member]
Debt Instrument [Line Items]
Mortgage loans payable	$ 171,753	172,095
Mortgage Loans Payable [Member] | 5.75% Loan Due in Jun 2016 [Member] | Chicago, IL [Member]
Debt Instrument [Line Items]
Maturity	Jun 2,016
Loan bears interest, description of variable rate basis	-
Interest Rate	5.75%
Mortgage loans payable	$ 19,073	19,104
Mortgage Loans Payable [Member] | 6.22% Loan Due in Aug 2016 [Member] | Greensboro, North Carolina Sale [Member]
Debt Instrument [Line Items]
Maturity	Aug 2,016
Loan bears interest, description of variable rate basis	-
Interest Rate	6.22%
Mortgage loans payable	$ 13,600	13,600
Mortgage Loans Payable [Member] | 2.68% Loan Due in Oct 2016 [Member] | Lisle, IL [Member]
Debt Instrument [Line Items]
Maturity	Oct 2,016
Loan bears interest, description of variable rate basis	Libor + 2.5%
Interest Rate	2.94%
Mortgage loans payable	$ 5,421	5,459
Mortgage Loans Payable [Member] | 2.69% Loan Due in Oct 2016 [Member] | Stamford, CT [Member]
Debt Instrument [Line Items]
Maturity	Oct 2,016
Loan bears interest, description of variable rate basis	Libor + 2.0%
Interest Rate	2.69%
Mortgage loans payable	$ 33,448	33,448
Mortgage Loans Payable [Member] | 2.69% Loan Due in Oct 2016 [Member] | Houston, TX [Member]
Debt Instrument [Line Items]
Maturity	Oct 2,016
Loan bears interest, description of variable rate basis	Libor + 2.0%
Interest Rate	2.69%
Mortgage loans payable	$ 44,319	44,319
Mortgage Loans Payable [Member] | 5.55% Loan Due in Mar 2017 [Member] | Lisle, IL [Member]
Debt Instrument [Line Items]
Maturity	Mar 2,017
Loan bears interest, description of variable rate basis	-
Interest Rate	5.55%
Mortgage loans payable	$ 5,288	5,309
Mortgage Loans Payable [Member] | 6.40% Loan Due in Jul 2017 [Member] | Orlando, FL [Member]
Debt Instrument [Line Items]
Maturity	Jul 2,017
Loan bears interest, description of variable rate basis	-
Interest Rate	6.40%
Mortgage loans payable	$ 35,489	35,668
Mortgage Loans Payable [Member] | 6.48% Loan Due in Apr 2018 [Member] | Plantation, FL [Member]
Debt Instrument [Line Items]
Maturity	Apr 2,018
Loan bears interest, description of variable rate basis	-
Interest Rate	6.48%
Mortgage loans payable	$ 10,368	10,406
Mortgage Loans Payable [Member] | 3.50% Loan Due in Aug 2024 [Member] | Churchill [Member]
Debt Instrument [Line Items]
Maturity	Aug 2,024
Loan bears interest, description of variable rate basis	-
Interest Rate	3.50%
Mortgage loans payable	$ 4,747	$ 4,782

Debt - Mortgage Loans Payable34

Debt - Mortgage Loans Payable (Parenthetical) (Detail) - Mortgage Loans Payable [Member]	Apr. 28, 2016	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
LIBOR rate		0.43725%	0.4295%
Phoenix AZ [Member]
Debt Instrument [Line Items]
Percentage of proceeds from sale of property used to repay mortgage		100.00%
5.75% Loan Due in Jun 2016 [Member] | Subsequent Event [Member] | Chicago, IL [Member]
Debt Instrument [Line Items]
Date of loan repayment	Apr. 28, 2016
2.69% Loan Due in Oct 2016 [Member]
Debt Instrument [Line Items]
Mortgage loan, LIBOR rate		0.69%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
Future funding commitments	$ 4,314,000
Additional capital calls funded	$ 125,000,000
FLORIDA
Property, Plant and Equipment [Line Items]
Expiration date	Dec. 31, 2017
Ground lease, rent expense	$ 2
New York, NY [Member] | Ground Lease [Member]
Property, Plant and Equipment [Line Items]
Ground lease commitments, 2016	1,201,000
Ground lease commitments, 2017	1,656,000
Ground lease commitments, 2018	1,791,000
Ground lease commitments, 2019	1,844,000
Ground lease commitments, 2020	1,900,000
Ground lease commitments, Thereafter	$ 103,884,000
Expiration date	Jun. 1, 2053
Chicago, IL [Member] | Ground Lease [Member]
Property, Plant and Equipment [Line Items]
Ground lease commitments, 2016	$ 440,000
Ground lease commitments, 2017	440,000
Ground lease commitments, 2018	440,000
Ground lease commitments, 2019	440,000
Ground lease commitments, 2020	440,000
Ground lease commitments, Thereafter	$ 6,047,000
Expiration date	Sep. 30, 2034

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2014
Related Party Transaction [Line Items]
Management fees	$ 5,632,000
FUR Advisors [Member]
Related Party Transaction [Line Items]
Percentage of equity contributions	1.50%
Percentage of equity contributions by unaffiliated third parties	0.25%
Percentage of amount available for distribution in excess of threshold amount	20.00%
Threshold amount		$ 569,963,000
Percentage of growth rate on incentive fee		4.00%
Yield plus percentage	4.26%	2.50%
Threshold amount required to be distributed before incentive fee	$ 432,214,000
Per share Threshold amount required to be distributed	$ 12.06
Incentive fees	$ 13,879,000
Percentage of positive difference between appraised net asset value and threshold amount on termination	20.00%
Reduced threshold amount	$ 104,980,000
Percentage of dividends paid on disposition	20.00%
Additional liquidating distributions per common share	$ 9.13
Base asset management fee	$ 9,496,000
Additional liquidating distributions paid per common share	$ 10.18
Supplemental fee payment terms, description	payable if there is (i) a termination of the Advisory Agreement for any reason other than for cause (as defined) by the Trust or with cause by the Trust’s Advisor, (ii) a disposition of all or substantially all of the Trust’s assets, or (iii) an election by the Trust to orderly liquidate the Trust’s assets. The termination fee, if payable, is equal to the lesser of (i) the base management fee paid to the Trust’s Advisor for the prior twelve month period or (ii) either (x) in the case of a termination of the Advisory Agreement, 20% of the positive difference, if any between (A) the appraised net asset value of the Trust’s assets at the date of termination and (B) the threshold amount less $104,980,000, or (y) in the case of a disposition or liquidation, 20% of any dividends paid on account of the Trust’s Common Shares at such time as the threshold amount is reduced to $104,980,000, which will be achieved at such time as aggregate distributions of approximately $9.13 per Common Share in excess of the Growth Factor have been paid.
Termination fees	$ 9,496,000
Payable to related parties included in related party fees payable	1,420,000
FUR Advisors [Member] | US Treasury Bill Securities [Member]
Related Party Transaction [Line Items]
Period for growth factor on incentive		5 years
Winthrop Management LP [Member]
Related Party Transaction [Line Items]
Payable to related parties included in related party fees payable	152,000
Related Party [Member]
Related Party Transaction [Line Items]
Management fees	$ 1,420,000

Related-Party Transactions - Fe

Related-Party Transactions - Fees and Reimbursements Paid by the Trust (Detail) - Winthrop Management [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Fees and reimbursements paid by the Trust	$ 1,604	$ 1,999
Base Asset Management Fee [Member]
Related Party Transaction [Line Items]
Fees and reimbursements paid by the Trust	1,420	1,684
Property Management Fee [Member]
Related Party Transaction [Line Items]
Fees and reimbursements paid by the Trust	$ 184	284
Construction Management Fee [Member]
Related Party Transaction [Line Items]
Fees and reimbursements paid by the Trust		$ 31

Related-Party Transactions - 38

Related-Party Transactions - Fees and Reimbursements Paid by the Trust (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
FUR Advisors [Member]
Related Party Transaction [Line Items]
Management fee paid	$ 7	$ 7

Restricted Share Grants - Addit

Restricted Share Grants - Additional Information (Detail) - shares	Sep. 05, 2014	May. 28, 2013	Feb. 28, 2013	Mar. 31, 2016	May. 21, 2013	Feb. 01, 2013
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	10,000			591,250
Shares outstanding				591,250
Shares vested				8,750
Long Term Incentive 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial restricted shares issued		500,000	100,000
Long Term Incentive 2007 Plan [Member] | Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance					1,000,000	600,000
Increase in shares issuable by shareholders						500,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($)	Apr. 28, 2016	Apr. 13, 2016	May. 03, 2016
Subsequent Event [Line Items]
Annual one-time payment members of the Board of Trustees			$ 7,500
Aggregate amount of consideration			$ 383,000
446 High Line LLC [Member]
Subsequent Event [Line Items]
Amount funded to the venture		$ 3,175,000
Capital contribution to to the venture		2,540,000
Cash Distribution [Member]
Subsequent Event [Line Items]
Date of declaration of distribution	Apr. 28, 2016
Distribution declared per share	$ 2
Date of distribution payable	May 17, 2016
Distribution declared, date of record	May 10, 2016
Serure CB High Line [Member]
Subsequent Event [Line Items]
Partner loan receivable		$ 635,000
Partner loan receivable, interest rate		12.00%
Partner loan receivable, due period		60 days